Adani Ports docks dollar debut in calmer waters

One of India's emerging superstar private sector companies executes its inaugural dollar bond with sister companies said to be preparing to set sail.
Modi's Project Mausam: reviving his country's historical status as the focal point for Indian Ocean trade.
Modi's Project Mausam: reviving his country's historical status as the focal point for Indian Ocean trade.

Adani Ports and Special Economic Zone added welcome diversification to the Indian credit universe on Wednesday with the first debut investment grade issue by an Indian borrower in two years and the first ever investment grade issue by a domestic infrastructure company. 

The $650 million deal marked something of a coming of age for the Adani family, which runs the ports, energy and mining conglomerate and is fast pushing its way into the upper echelons of India's private sector firmament. 

The bond issue came from its ports and logistics arm, which has also progressed from running one port to eight in the space of just...

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